Bulgaria's Euro Accession: A Culmination of Integration and Responsibility
Dimitar Radev, Governor of the Bulgarian National Bank, stated that Bulgaria's accession to the euro area represents the culmination of a long process of economic integration, policy alignment, and shared responsibility. He made these remarks at a meeting in Sofia on January 9, 2026, emphasizing the historic significance of the step.
Formal step, de facto reality
Bulgaria's euro area accession is presented as more than a formal institutional step; it is the culmination of extensive economic integration and policy alignment.
Governor Radev highlighted that despite periods of internal political turbulence and fragmented governance, macroeconomic and financial stability were preserved.
He acknowledged that fiscal discipline faced pressure, but stressed that euro area membership provides a framework to strengthen responsibility and reinforce prudent macroeconomic and fiscal stances.
For many years, Bulgaria has functioned as a de facto euro area economy through its currency board arrangement, which anchored expectations and shaped policy choices.
Euro adoption resolves this long-standing institutional asymmetry, aligning responsibility with representation within the Economic and Monetary Union.
Anchor of stability in uncertain times
The transition to euro area membership occurs amidst heightened global uncertainty, marked by geopolitical tensions, economic fragmentation, supply-side shocks, and financial volatility.
In this environment, resilience is not solely a function of economic size but depends on institutional reliability, policy predictability, and collective action.
Radev underscored Europe's central role, describing the euro area not merely as a monetary system but as an anchor of stability in an increasingly complex global system.
Its strength derives from rules-based cooperation, institutional depth, and coordinated action, which enlargement, when based on genuine preparedness, reinforces.
Bulgaria approaches membership with a clear sense of responsibility, viewing participation in the ECB and Eurosystem as a commitment to discipline, consistency, and constructive engagement, particularly under challenging circumstances.
Pragmatic consolidation of European ties
The speech frames euro accession as a logical, albeit challenging, progression rather than a simple reward for past efforts.
It underscores the pragmatic recognition of Bulgaria's de facto euro status, formalizing a long-standing economic reality.
While emphasizing national responsibility, the statement implicitly highlights the benefits of robust institutional backing in an increasingly uncertain global landscape.